How much is the tax to be paid to the tax authority

Assignment Help Accounting Basics

Reference no: EM132760211

Questions -

Q1. Ato Alem has deposited 20 million Ethiopian birr in commercial bank of Ethiopia at 6% per annual rate interest.

Required -

a. Whether the above transaction is a taxable transaction?

b. If the answer to the above is yes, who is the withholding agent?

c. Who is liable to pay tax to the tax authority?

d. How much is the tax to be paid to the tax authority?

Q2. Ato Alemasged is an employee of the New Millennium college as an instructor and his gross salary is earned 2722.00 birr per manth of April 2006, Ato Alemasged had a part time class in Mekelle university and earned 1278.00 birr.

Required - Based on the above information calculate

A. Income tax for the month of April 2006.

B. Net income earned for the manth of April 2006.

C. Who is liable to pay tax to the tax authority?

Reference no: EM132760211

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